News

21.03.2017

Central Bank of Iceland - Agreement with owners of offshore ISK

The Central Bank of Iceland has concluded an agreement with owners of offshore króna assets subject to special restrictions pursuant to Act no. 37/2016. Under the agreement, the Bank will purchase offshore króna assets from them in the amount of equivalent of close to 90 b.kr. at an exchange rate of 137.5 kr. per euro.

Offshore króna holders that have not made an agreement with the Bank will be invited to do so in the next few days. This would apply for legal entities that hold ISK that were paid into escrow accounts in relation to ISK allocation from LBI in December 2011 against Art. 112 priority claims.